Investment manager Triple Point and Ethical Power have agreed a debt facility of £7m to support the latter’s development of early-stage solar and battery energy storage systems (BESS) projects in the UK.
The £7m debt facility is the start of a new partnership between Triple Point and Ethical Power.
Triple Point has provided financing for over 16GW of UK Solar and BESS assets in development.
Ethical Power’s current pipeline of renewable energy projects in development in the UK represents 175MW solar and 225MW BESS, on top of over 1GW in construction and development globally.
Triple Point senior investment manager Jessica Fisher said: “We are pleased to have agreed a partnership with Ethical Power, given their expertise and strong track record in developing the energy infrastructure of the future.
“Together we will be working towards realising a fully decarbonised and resilient electricity system by 2035.”
Ethical Power’s chief financial officer Stephen Williams said: “There’s a strong alignment between Ethical Power and Triple Point who share a mutual commitment towards building out renewable energy infrastructure.
“This is our first loan with Triple Point, and we hope to build a long-term relationship with them as a very well-matched financial partner for Ethical Power.
“With the funding in place, we’ll be able to progress a number of exciting development opportunities in the renewable energy space, building a more sustainable future for all.”